Everyone’s transition to Medicare will be different because the most suitable plan for you may be the exact opposite of what someone else is looking to get. It’s hard to keep up with all the different plan options and Medicare guidelines, but once you hear about Plan G and what people are saying, it’s easy to become intrigued. Plan G has become a popular option for many beneficiaries due to its comprehensive coverage.
However, to fully understand what Plan G covers, you first need to know what it is. Let’s dive into Medicare Plan G and all that it entails. Once you become familiar with what Plan G covers, you can also look into Medicare Plan G reviews to see what beneficiaries who enrolled in the plan think of their coverage and have an idea of what you can expect if you go this route.
Medicare Plan G is a type of Medicare Supplement, often referred to as a Medigap plan. Since Original Medicare (Part A and Part B) do not cover 100% of your healthcare costs, many seniors sign up for either a Medicare Supplement or Medicare Advantage plan to help with cost-sharing.
Supplement plans like Plan G pay secondary to Medicare. To be eligible to apply for a plan, you must have both A and B. Another thing to note about these plans is that they can be used anywhere as long as the healthcare provider accepts Original Medicare.
There are 10 standardized plans on the market, so what makes Plan G so popular?
Plan G coverage
Plan G has extensive medical coverage and dramatically reduces a beneficiary’s out-of-pocket costs.
If you enroll in Plan G, an easy way to know whether it will pay is to remember that Plan G will cover everything that Medicare Part A and B cover. If Medicare pays for a service, so will your Plan G.
Plan G covers your Part A deductible and any copays or coinsurance associated with Medicare. For example, Medicare Part B pays for 80% of your outpatient services. Meaning the remaining 20% is left for you to pay. However, if you have a Plan G, it will cover the remaining 20%, leaving you with nothing out of pocket.
What is not covered under Plan G?
While Plan G provides fuller coverage than most other Medigap plans, it does not cover 100% of your out-of-pocket costs.
Medicare Part B has a yearly deductible you must pay before it covers 80% of your outpatient services and treatments. In 2023, the deductible is $226. Plan G does not cover this deductible for you, so you will need to pay this deductible first. However, once you meet the annual deductible, Plan G will pay for all your out-of-pocket costs for the year.
As stated before, you want to remember that Plan G only pays for services that Medicare approves and pays for first. So, since Original Medicare does not cover prescriptions you’d pick up at the pharmacy, neither will your Plan G. If you sign up for a Plan G, know you will need to enroll in a Part D plan as well to have coverage for those prescriptions.
Plan G will also not pay for routine dental, vision, and hearing services. Part A and B will not pay if you have a routine eye exam, so neither will your Medigap plan.
How to get a Plan G
Overall, if Plan G sounds like a suitable plan, the best time to apply is during your one-time 6-month Medigap Open Enrollment Period. This window is based around your Part B effective date, and you cannot be asked any health questions when you apply during this time.
While the coverage is the same, your monthly premium will differ from the next person’s. Monthly premiums for Medigap plans such as Plan G are based on factors such as someone’s age, zip code, gender, tobacco use, and the carrier they purchase a plan through! Since the medical coverage of these plans is standardized, you want to focus on the insurance carriers and which one offers the most cost-effective rate.
Consider Plan G
Whether you plan to transition to Medicare in the near future or already have Medicare, you always want to take the time to assess your healthcare needs and budget. Plan G may be the perfect fit for what you’re looking for with your Medicare coverage. If you’re on the lookout for comprehensive medical coverage with predictable annual health costs, consider Plan G.